REDUCED tag – value or NO value?
Recently the HAR.com real estate website made modifications to their listing price reduction feature. The modification allows buyers to search for homes with any price reduction instead of just homes that have been reduced in price by 5% or more. Now, any listing that has been reduced in price will have a reduced tag and will show the percentage of the reduction. With a click of the “VIEW DETAILS” button, you will be able to see the original list price, the amount the home has been reduced, and the date of the last reduction. Below is an example:
HAR.com has joined the ranks of numerous other real estate websites including Zillow.com, Trulia.com, and Realtor.com to offer a price reduction feature.
The question I pose to Spring Texas home buyers and home sellers is “Is the REDUCED tag of any value?”
As a Spring Texas Realtor, I see NO value in the reduced tag. In real estate, reduced means the home was OVER-PRICED and now ….. well, its reduced. It doesn’t mean it’s now priced right nor does it mean it’s priced below market and is a deal. Reduced doesn’t create the same consumer behavior as a retail store receives when it advertises a “50% OFF SALE”.
If you really want to sell your Spring Texas home, the best advice I can give you is price it right to begin with. Don’t price it high and then reduce it so you can get a pretty reduced tag on your home’s listing. Buyers are smart. They know which houses are priced aggressively and are a deal and which ones aren’t.